Sui (SUI) led altcoin gainers the previous week as Bitcoin targeted the $100,000 psychological mark.
The altcoin thrived as Sui-based decentralized exchanges set new records.
Sui DEXs recorded a whopping $3.649 billion in trading volume between April 20 and 26, as per data from DeFiLlama, marking a new weekly all-time high.
According to DeFiLlama data, the trading volume on Sui DEXs reached $3.649 billion over the past week (April 20–26), marking a new all-time weekly high. Cetus accounted for 42.8% of the total Sui DEX trading volume. Momentum surpassed Bluefin to become the second-largest Sui DEX
43
Reply
Copy link
The milestone reflects surged activity within the SUI ecosystem and has sparked debates about the alt’s potential price reactions.
Can the surged volumes fuel the anticipated Sui rally to $10?
That would mean a nearly 165% increase from the token’s current price.
Sui DEXs shatter records
On-chain data shows that Sui-based decentralized exchanges witnessed a massive demand within the past seven days.
The blockchain saw weekly trading volume topping $3.649 billion, cementing Sui’s status among the leading L1 platforms.
Various factors fueled Sui’s growth in the past few sessions.
Lookochain highlighted a 38% surge in the protocol’s total value locked.
Also, increased decentralized exchange activities kept the altcoin afloat.
Lastly, Sui has witnessed a significant growth in stablecoins within the past two months.
Stablecoins on the Sui network increased by over 80% from $482 million to $879 million.
Cetus leads, Momentum climbs to second place
Cetus dominated the DEX activity on Sui in the past week, accounting for 42.8% of the overall trading volume.
Meanwhile, Momentum overtook Bluefin to claim the second rank.
The former saw a massive $91.59 million in volume within a day on April 27, indicating a shift in user preferences.
Momentum’s lower fees, impressive liquidity incentives, and integration with top Sui-based projects drive its growth.
SUI price outlook
The native token exhibited a bullish stance amidst the optimistic updates.
SUI trades at $3.78 after gaining 5.65% in the past 24 hours.
It has pushed its weekly gains to 70%, and the increasing 24-hour trading volume signals more uptrends before possible corrections.
The soaring TVL and trading volumes hint at a vibrant ecosystem.
With the prevailing broad-based recoveries, SUI bulls target psychological resistance at $5.00.
Overcoming this obstacle will open the path for accelerated gains.
Digital assets enthusiast and investor Crypto GEMS believes SUI at $10 in the upcoming months is inevitable.
That would translate to an approximately 165% upsurge from the alt’s current price.
Meanwhile, broad market sentiments could influence SUI’s performance.
Digital currencies trade in green as Bitcoin seeks a candle closing above $95,000, which could support rallies to new all-time highs.
BTC trades at $95,385 after gaining 10% and 2% in the past week and day.
A decisive move past $95,000 would open the gates to $100,000 and shift the market’s trajectory to bullish.
Such a move would trigger significant rallies in the altcoin space, fueling SUI to its targeted highs.
The post SUI set for 165% price surge as Sui DEXs hit new trading milestone appeared first on Invezz
